Think about your key farm advisors. You likely have regular conversations with your agronomist, veterinarian, equipment dealer, and grain buyer throughout the year. But when was the last time you spoke with your insurance agent?
For many farmers, insurance agents fall outside their regular circle of communication. This can be a risky oversight. Here’s why regular contact with your insurance agent is crucial:
Proactive Protection: Unlike other advisors you might consult reactively for problems, your insurance agent plays a preventative role. They ensure your farm has the right coverage to bounce back from unexpected events.
Customized Coverage: Farms are unique operations. A good insurance agent will understand your specific risks and tailor your policy accordingly. This could involve covering unique assets, activities, or environmental concerns.
Maximizing Coverage: Insurance policies can be complex. Regularly reviewing your policy with your agent helps ensure you understand your coverage details, including property value limits, replacement options, and liability protection levels.
Take Action Today: Schedule an Insurance Review
Here are some talking points to get the conversation started with your agent:
Policy Review: Go over your current coverage thoroughly. Are all your farm properties and assets listed accurately? Are the listed values up-to-date to reflect true replacement costs?
Coverage Gaps: Discuss any unique farm activities or assets that might require additional coverage beyond your current policy.
Liability Needs: Evaluate your current liability coverage. Is it sufficient for your operation?
An Investment in Peace of Mind
An hour or two spent with your insurance agent can make a world of difference in the event of a loss. They can be your partner in safeguarding your farm’s financial future. Don’t wait until a problem arises; take charge today and schedule a comprehensive insurance review.
For more information on farm insurance options, consult the Farm Insurance: Covering Your Assets bulletin available at farmoffice.osu.edu.
Ohio Agricultural Law Blog 